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Proceeds from Notes Payable On January 26, Vibrant Co. borrowed cash from Conrad Bank by...

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Accounting

Proceeds from Notes Payable

On January 26, Vibrant Co. borrowed cash from Conrad Bank by issuing a 60-day note with a face amount of $90,000. Assume a 360-day year.

a. Determine the proceeds of the note, assuming the note carries an interest rate of 10%.

b. Determine the proceeds of the note, assuming the note is discounted at 10%.

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